LOAN RESTRUCTURE OF SUBSIDIARY COMPANY

May 15, 2000 Subject Loan Restructuring of Subsidiary Company To Director and Manager of Stock Exchange of Thailand On March 29, 2000 the subsidiary companies of Dusit Thani Public Company Limited which are Supsinthanee Co.,Ltd. as Borrower and Royal Princess Public Company Limited as Guarantor had signed on the Loan Restructuring Agreement with National Finance Public Company Limited, the Lender. The outstanding debts of Supsinthanee Co.,Ltd. from October 1,1998 to March 28,2000 consist of principal Baht 240.712 MN, accrued interest expense with default rate Baht 74.324 MN and the accrued forward premium Baht 6.107 MN totaling Baht 321.144 MN. The National Finance PCL. adjusted default interest rate to MLR therefore the accrued interest decreased from Baht 74.324 MN to Baht 36.373 MN. According to the above mentioned , the Royal Princess PCL. as guarantor has to response the principal Baht 151.338 MN including the accessory obligation which are accrued interest expense Baht 5.057 MN and accrued forward premium Baht 3.839 MN totaling Baht 160.325 MN within May 31,2000. The debt remaining is responsible by Supsinthanee Co.,Ltd. Moreover, Royal Princess PCL. has to provide the loan approximately Baht 13 MN to Supsinthanee Co.,Ltd. for its Working Capital. Since Supsintahnee Co.,Ltd. has high debt and deficit therefore the capital has to be decreased by reducing the par value from Baht 100 per share to Baht 25 per share which is on processing at this moment. After completing this step, the deficit of Supsinthanee Co.,Ltd. will decrease Baht 159.75 MN and impact to Dusit Thani PCL.s consolidated financial statements to decrease the deficit with the same amount. Yours Sincerely, Mrs.Sinee Theinprasiddhi